Phishing attacks remain a significant threat to organizations. According to the data presented by the Atlas VPN team, based on the survey conducted by Egress with 500 cybersecurity leaders, 92% of organizations were victims of phishing in the past 12 months, and 86% experienced negative consequences as a result.
The most commonly reported fallout from phishing attacks was financial losses from customer churn. Overall, 54% of surveyed organization leaders said they lost customers and revenue due to successful phishing attacks.
A company’s reputation, which may have taken years or even decades to build, can be irreparably damaged in just seconds due to a single security breach. Reputational damage was reported by 47% of organizations that were impacted by phishing attacks in the last 12 months.
Moreover, over a fourth (27%) of organizations underwent lengthy remediations, while nearly a tenth (9%) faced legal repercussions.
However, phishing incidents did not only have repercussions for the victim organizations but also for the employees involved. In 30% of cases, the employees were disciplined as a result of the successful phishing event, while 22% of organizations reported that the employee was dismissed. In 18% of instances, employees left voluntarily.
72% of cybersecurity leaders express concern over AI’s use in phishing emails
Phishing has become an increasingly sophisticated cyber threat as cybercriminals continue to evolve their tactics. With the advancement of AI technology, there are concerns it may be misused to create more sophisticated cyberattacks.
Specifically, 72% of cybersecurity leaders are expressing worries about the use of AI in email phishing attacks. Cybersecurity leaders within financial organizations are the most alert about AI’s use to craft phishing campaigns — 80% showed concern.
These concerns arise from the potential for AI to automate the phishing process, which can make attacks more efficient and scalable. Additionally, AI can create highly sophisticated and personalized phishing emails that are difficult to detect using traditional security systems. The use of deepfake technology to add video and voice capabilities to phishing attacks can make them even more dangerous.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Accounting, Firm Management, Security, Small Business
